GIV_way

FiTi reports on a Lisbon money laundering conference:

   4-23-96: "Long arm of US law threatens business."

      The extra-territorial reach of US law poses a growing
      threat to non-US companies doing business, even
      indirectly, with that country, an expert on money
      laundering said yesterday. Mr Rowan Bosworth-Davies told
      a conference in Lisbon that US courts had been
      "consistent in concluding that US law enforcement
      interests outweigh a foreign nation's interests in
      preserving the confidentiality of its banking or its
      business records".

   4-24-96: "US prosecutor attacks bank secrecy laws."

      A US federal prosecutor yesterday told banks that they
      are no better than prostitutes if they transmit money
      without knowing their customers or the purpose of the
      transaction. Mr John Moscow said: "The ancient concept
      that bank secrecy must be preserved to keep a
      gentleman's financial affairs confidential -- dating
      back to the days when only gentlemen had cheque
      accounts, and their servants did not -- must give way to
      the current reality.

   GIV_way

On Wed, 24 Apr 1996, John Young wrote:

>    4-24-96: "US prosecutor attacks bank secrecy laws."
> 
>       A US federal prosecutor yesterday told banks that they
>       are no better than prostitutes if they transmit money
>       without knowing their customers or the purpose of the
>       transaction.

I agree with this completely. I'm sure that I disagree with said US
prosecutor on the criminalization of sexual entrepreneurship (tm), though,
so our agreement is meaningless.

-rich